Three Gemini top executives leave in “big shakeup,” shares plummet
Gemini Space Station, the crypto firm the Winklevoss brothers founded, announced it will be parting ways with three executives, COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade, effective today, according to a February 17 form 8-K filing. Bloomberg Intelligence analyst James Seyffart deemed the announcement “a big shakeup.”
In addition, Beard resigned from his role as a member of the company’s board of directors.
Shares were down over 13% following the news and are down 35% year to date.
The announcement comes on the heels of the firm’s September IPO and amid an overall downturn in crypto, which is taking a toll on several firms.
Gemini said it does not intend to appoint a successor COO at this time. Kate Freedman will become interim general counsel.
“Many of the duties previously performed by Mr. Beard, including revenue-generating responsibilities, will be assumed by Cameron Winklevoss in addition to his existing responsibilities,” the filing reports.
Meanwhile, Danijela Stojanovic, the firm’s chief accounting officer, will be interim CFO.
Earlier this month, the company slashed 25% of its workforce and shuttered operations in the United Kingdom, European Union, and Australia, per Bloomberg.
The company also pre-announced its 2025 earnings results, expecting net revenue to be between $165 million and $175 million as compared to $141 million for the year ended December 31, 2024. It expects an adjusted loss before tax of between $257 million and $267 million.
